New Conventional Loan Limit for 2022

[ridgebackpilot]

According to my mortgage broker at Chase, the US government is raising the conventional mortgage limit next year from the current $739,450 to $854,000. So if you're trying to avoid a taking out a Jumbo loan, you'll soon have more flexibility.

In many cases, Jumbo loans above the conventional mortgage limit require higher credit scores and may carry higher interest rates as well. So this is good news for those of us who would like to remain in conventional territory. 

[VALoanMaster]

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@ridgebackpilot wrote:

According to my mortgage broker at Chase, the US government is raising the conventional mortgage limit next year from the current $739,450 to $854,000. So if you're trying to avoid a taking out a Jumbo loan, you'll soon have more flexibility.

In many cases, Jumbo loans above the conventional mortgage limit require higher credit scores and may carry higher interest rates as well. So this is good news for those of us who would like to remain in conventional territory. 

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Most of us are already using the new limits. I have a client closing Tuesday using them.

[4sallypat]

Yes, some banks are already offering the new loan limits (conventional) - my broker got me the new loan limit and we closed last week.

If it wasn't the new loan limit, we would still be looking (6 months).

[CreditFun]

There are always HELOCs, Seconds and owner financing.

Also, depending on market conditions, Jumbo rates can be comparable to conventional rates. 

Chase is not a mortgage broker.  They are a bank that offer retail loan options.

[danny2021]

I thought the new limit was approximately $647,200?   At least that is what Arizona is expected to be??

[Mortgage-Specialist]

Counties have different limits

Input your state, county and change the year to 2022 and you'll see exactly what your county limits are

https://entp.hud.gov/idapp/html/hicostlook.cfm